Russia yet to set date of Eurobond swap

The Russian government has not yet defined an offering date for the Eurobonds that will be exchanged for other issues, but it is unlikely to happen before September, a banking source told PRIME on Wednesday.

On Tuesday, the government issued an order that the Finance Ministry will offer 2018, 2028 and 2030 Eurobonds worth no more than U.S. $4 billion to swap for other issues in 2017.

“The deal may happen in autumn. We have not yet decided when we should make it,” the source said, adding that it will happen sooner rather than later.

The Finance Ministry placed two Eurobond tranches, of 10 and 30 years, totaling $3 billion, in June.